Supplemental Oil and Gas Reserve Information (Unaudited) (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Extractive Industries [Abstract] |
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| Schedule of Oil and Gas Aggregate Capitalized Costs and Applicable Accumulated Depreciation |
Aggregate capitalized costs related to oil and gas production activities with applicable accumulated depletion are as follows (in thousands):
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December 31,
2025 |
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December 31, 2024 |
| Oil, natural gas and NGL interests |
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| Proved |
$ |
369,282 |
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|
$ |
150,984 |
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| Unproved |
528,155 |
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|
296,087 |
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| Total oil, natural gas and NGL interests |
897,437 |
|
|
447,071 |
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| Accumulated depletion |
(57,413) |
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|
(14,670) |
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| Net oil, natural gas and NGL interests capitalized |
$ |
840,024 |
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$ |
432,401 |
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| Schedule of Costs Incurred in Oil and Gas Activities |
Costs incurred in oil, natural gas and NGL acquisition and development activities are as follows (in thousands):
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Years Ended December 31, |
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2025 |
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2024 |
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2023 |
| Acquisition costs |
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| Proved |
$ |
218,298 |
|
|
$ |
121,018 |
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|
$ |
3,566 |
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| Unproved |
232,068 |
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|
274,559 |
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— |
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Total acquisition costs (1)
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$ |
450,366 |
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$ |
395,577 |
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$ |
3,566 |
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(1)Total acquisition costs include post-close adjustment from seller related to prior year asset acquisition.
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| Schedule of Results of Operations From Oil, Gas and Gas Liquids |
The following table sets forth the revenues and expenses related to the production and sale of oil and gas (in thousands). It does not include any general and administrative costs and, therefore, is not necessarily indicative of the net operating results of the Company’s oil and gas operations.
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Years Ended December 31, |
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2025 |
|
2024 |
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2023 |
Oil and gas revenues (1)
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|
$ |
411,677 |
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$ |
373,331 |
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$ |
357,394 |
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| Ad valorem taxes |
|
(7,906) |
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(6,952) |
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|
(7,200) |
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| Depletion expense |
|
(42,743) |
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(9,785) |
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(1,982) |
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| Income tax expense |
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(79,137) |
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|
(76,917) |
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|
(75,284) |
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| Results of operations from oil and gas |
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$ |
281,891 |
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$ |
279,677 |
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$ |
272,928 |
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(1)Oil and gas revenues are reported net of production taxes.
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| Schedule of Net Proved Oil, Gas and Gas Liquids Reserves and Changes |
The following table presents changes in estimated PDP reserves and was prepared in accordance with the rules and regulations of the SEC:
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Crude Oil and Condensate
(MBbls)(1)
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Natural Gas (MMcf)(1)
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Natural Gas Liquids (MBbls)(1)
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Total (MBoe)(1)
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| Net PDP reserves at December 31, 2022 |
16,233 |
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|
99,996 |
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|
15,329 |
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|
48,228 |
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| Extensions and discoveries |
6,858 |
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|
31,196 |
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|
5,010 |
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|
17,067 |
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| Acquisition of reserves |
89 |
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|
664 |
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|
102 |
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|
302 |
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| Production |
(3,701) |
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|
(14,528) |
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|
(2,453) |
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|
(8,575) |
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| Net PDP reserves at December 31, 2023 |
19,479 |
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|
117,328 |
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|
17,988 |
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|
57,022 |
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| Extensions and discoveries |
5,587 |
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|
23,483 |
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|
3,824 |
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|
13,324 |
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| Acquisition of reserves |
2,378 |
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|
13,317 |
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|
2,042 |
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|
6,639 |
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| Production |
(4,118) |
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(17,074) |
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(2,841) |
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(9,804) |
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| Net PDP reserves at December 31, 2024 |
23,326 |
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|
137,054 |
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|
21,013 |
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|
67,181 |
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| Extensions and discoveries |
5,376 |
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|
30,285 |
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|
4,636 |
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|
15,059 |
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| Acquisition of reserves |
3,352 |
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|
13,876 |
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|
2,237 |
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|
7,902 |
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| Production |
(4,936) |
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|
(23,359) |
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|
(3,784) |
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|
(12,613) |
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| Revisions |
(2,927) |
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|
(9,844) |
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|
154 |
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|
(4,413) |
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| Net PDP reserves at December 31, 2025 |
24,191 |
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|
148,012 |
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|
24,256 |
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|
73,116 |
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| Net PDP reserves |
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| December 31, 2022 |
16,233 |
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|
99,996 |
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|
15,329 |
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|
48,228 |
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| December 31, 2023 |
19,479 |
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|
117,328 |
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|
17,988 |
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|
57,022 |
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| December 31, 2024 |
23,326 |
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|
137,054 |
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|
21,013 |
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|
67,181 |
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| December 31, 2025 |
24,191 |
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|
148,012 |
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|
24,256 |
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|
73,116 |
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(1)Commonly used definitions in the oil and gas industry not previously defined: MBbls represents one thousand barrels of crude oil, condensate or NGLs. MMcf represents one million cubic feet of natural gas. MBoe represents one thousand Boe.
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| Schedule of Standardized Measure Related to Proved Oil, Gas and Gas Liquids Reserves |
The standardized measure of discounted future net cash flows before income taxes related to the oil and gas PDP reserves of the interests is as follows (in thousands):
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Years Ended December 31, |
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2025 |
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2024 |
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2023 |
| Future cash inflows |
$ |
2,357,725 |
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$ |
2,566,234 |
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$ |
2,150,816 |
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| Future production costs |
(175,564) |
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(191,879) |
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|
(157,805) |
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| Future income taxes |
(297,366) |
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(423,633) |
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|
(422,629) |
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| Future net cash flows |
1,884,795 |
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|
1,950,722 |
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1,570,382 |
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| Less: 10% annual discount |
(869,261) |
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(942,086) |
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(748,864) |
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| Standard measure of discounted future net cash flows |
$ |
1,015,534 |
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$ |
1,008,636 |
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$ |
821,518 |
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| Schedule of Changes in Standardized Measure Related to Proved Oil, Gas and Gas Liquids Reserves |
Changes in the standardized measure of discounted future net cash flows before income taxes related to the oil and gas PDP reserves of the interests are as follows (in thousands):
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Years Ended December 31, |
|
2025 |
|
2024 |
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2023 |
| Standardized measure - beginning of year |
$ |
1,008,636 |
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$ |
821,518 |
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$ |
995,621 |
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| Sales, net of production costs |
(403,771) |
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|
(366,379) |
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|
(350,194) |
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| Net changes of prices and production costs related to future production |
(196,250) |
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|
10,003 |
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|
(426,381) |
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| Extensions and discoveries |
327,777 |
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|
330,825 |
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|
441,343 |
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| Acquisition of reserves |
153,962 |
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|
125,918 |
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|
5,827 |
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| Revisions of previous quantity estimates |
(81,728) |
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— |
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— |
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| Net change in income taxes |
57,530 |
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|
1,424 |
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|
51,996 |
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| Accretion of discount |
122,839 |
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|
104,269 |
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|
126,879 |
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| Changes in timing and other |
26,539 |
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(18,942) |
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(23,573) |
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| Standardized measure - end of year |
$ |
1,015,534 |
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$ |
1,008,636 |
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$ |
821,518 |
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